S.L. 601.4 Art. 4Public undertakings to whichtransparency requirements do not apply.

The transparency requirements referred to in regulation 3

shall not apply to financial relations between the Government of

Malta and:

(a) public undertakings, as regards services the supply of which is not liable to affect trade between Member States to an appreciable extent;

(b) the Central Bank of Malta;

(c) public credit institutions, as regards deposits of public funds placed with them by the Government of Malta on normal commercial terms;

(d) public undertakings whose total annual net turnover over the period of the two financial years preceding that in which the funds referred to in regulation 3 are made available or used has been less than Euro 40 million except for public credit institutions where the corresponding threshold shall be a balance sheet total of Euro 800 million.